After Huge 2017, Bitcoin Falls To Start New Year

After Huge 2017, Bitcoin Falls To Start New Year

After a huge, volatile 2017, Bitcoin started 2018 with modest losses as interest in cryptocurrencies and blockchain-related stocks continues to soar.

[ibd-display-video id=3017249 width=50 float=left autostart=true] CME Group ( CME ) Bitcoin futures fell 6.6% vs. Friday’s levels to $13,610 and Cboe Global Markets ( CBOE ) Bitcoin futures lost 6.7% to $13,580.

The Bitcoin spot price was $13,415.91, according to CoinDesk . Spot Bitcoin fell below $12,200 intraday Saturday and rebounded on Sunday.

Bitcoin started 2017 below $1,000 and didn’t top $10,000 until December. However, Bitcoin has pulled back significantly over the past two weeks, when CME Bitcoin futures launched at $20,650 on Dec. 17.

Bitcoin Cash edged higher, according to CoinMarketCap . Ethereum rose sharply but it’s now the third largest cryptocurrency after Ripple surged 20,000% in 2017 . Ripple and Litecoin also were higher.

IBD’S TAKE: Are Bitcoin, Ethereum and other digital currencies real investments or a speculator’s game? Individual investors should be extremely cautious about diving into this new area. Read this feature about Bitcoin risks  and possible gains first.

Among blockchain and cryptocurrency plays, Riot Blockchain ( RIOT ) rose 110% in December. Long Blockchain ( LTEA ), which changed its name from Long Island Iced Tea in late December, leapt 131% for the month. Bitcoin Investment Trust ( GBTC ) swelled 32.5% that month.

Riot Blockchain, Long Blockchain and Bitcoin Investment Trust all ended 2017 off their intraday highs set during the month.


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